As the cryptocurrency industry progresses towards a mainstream adoption stage, Dubai, one of the seven emirates in the United Arab Emirates (UAE), also continues to solidify its position as one of the top crypto-friendly jurisdictions in the world.
In a recent update from the nation, Dubai authorities have declared that the Dubai World Trade Center (DWTC), a government-owned event and exhibition venue, will soon become a comprehensive zone and regulator for digital assets, including crypto assets, products, operators, and exchanges.
The initiative is geared toward promoting mass adoption of crypto by designing a “comprehensive ecosystem” for the rapidly growing industry. It aims to work with the private sector and other important entities needed to make crypto accessible and more secure for residents.
“The Dubai World Trade Center will collaborate with the private sector and relevant entities in Dubai to create an attractive environment for the sector and enforce rigorous standards for investor protection, Anti Money Laundering (AML), Combating the Financing of Terrorism (CFT) compliance and cross border deal flow tracing,” the Dubai Media Office announced on Monday.
